Originally published on: August 06, 2024
Robinhood, the popular cryptocurrency-friendly stock trading app, faced a setback as its 24-hour market’s execution venue, Blue Ocean ATS (BOATs), was suspended for overnight trading on Aug. 6. The support account, Robinhood Help, shared the news on X, revealing that BOATs halted overnight trading on Robinhood from 12:00 am UTC to 8:00 am UTC on Aug. 6.
During this suspension period, users were advised to cancel their orders or wait for them to be executed within the next eight hours. This pause in 24-hour trading came after a previous alleged suspension by BOATs, which left many users concerned. The trading halt coincided with a global stock market crash, adding to the uncertainty.
Interestingly, Robinhood did not confirm the trading halt directly to the public, leading to speculation and frustration among investors. The 24-hour market service was introduced to allow customers to trade outside of traditional hours, but this recent disruption raised questions about its reliability.
The trading outage also affected other brokerage platforms, indicating widespread issues due to market volatility. Investors took to social media to voice their concerns about canceled trades and lost profits. The lack of transparency regarding the halt left many questioning the legality of the situation.
As the trading community awaits clarity on the situation, it’s essential for investors to stay informed and cautious amidst market turbulence. Stay tuned for updates on the evolving situation and its impact on the trading landscape. To explore more market insights and investment opportunities, subscribe to our newsletter for valuable tips and strategies to navigate the financial markets effectively.